Digitex Oracle Updates: no room for mere trust
In my previous post, I did an introduction of what this platform is and what they are set to do. Now I would be talking on their trustless futures trading.
Trustless Decentralized Platform is the solution
This type of platform is recommended and Digitex is one exchange that is not built on mere trust but on smart contract which depicts how reliable, profound and authentic transactions would be. Lets digress more.
Decentralized Account Balances for Users
Digitexfutures exchange replaces centralized the account balances of users with a decentralized independent smart contract which is built on etherum block chain. Using block chain which is decentralized enables traders to use Digitex futures exchange without basing their orientation of their money on trust alone since its decentralized. This is paramount to avoid fraud, wrong accusation of funds and also, embezzlement.
Digitex Futures is built on smart contract in order for it to have the ability to update a user's account or available balance and the user's profit or loses. Also, the exchange is not in total control of users funds since it is locked in smart contract. For example, if a trader wants to buy DGTX tokens, his funds would be locked in a smart contract with the number of tokens he wants, this smart contract hence forth is with both with the funds and the tokens, so Digitex is not in any way having access to your funds until transactions are made. This is another point that makes it very trustless.
Also, Digitex futures exchange smart contract which is built on ethereum is unique in many ways. One of them is that, before DGTX tokens can be withdrawn from traders, the smart contract is designed to request for account balances from the exchange or the users trading profit and also loses transactions in order for the smart contract to become updated by the available withdraw-able balance of the users.i.e the amount that can be withdrawn.
Secondly, the interaction between the exchange and smart contract makes the exchange vulnerable to hackers who can falsify Information of users but this constraint has also been solved. How? by computing the profit, losses made from the very start of all users transactions. With this, hackers are not able to update incorrect or false transactions to calculate false losses and profits made.
Digitex Futures Exchange Security
Security is been advanced by requiring every user of digitex to have Metamask Broser Plug-in. what does this do? it actually allows a user to have the ability to withdraw from his account which verifies the the user as the same person who initially made the deposit, this occurs through the Metamask Browser Plugin without revealing any information that could identify the user.
Traders don't need to provide or submit any identification like names or other personal information to avoid fraudulent practices by hackers or identity theft.
In summary, we have seen how reliable this exchange has proven to be based on its trustless features that allows smart contract that is built on etherum block chain to handle users funds for transactions which is much more reliable. Also, it has shown that it doesn't need any personal information of users before it can perform exchange in order to avoid hacking, this depicts its level of security and privacy terms.
To know more about Digitex Future Exchange, kindly visit the following site